olivLaw · US equity research
PROCEPT BioRobotics, Inc. PRCT
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
PROCEPT BioRobotics develops and sells robotic surgical systems for benign prostatic hyperplasia using its Aquablation technology, with the United States as its core market. The company reported revenue of 308.1 million USD in 2025, and in the second quarter of 2026 revenue rose 19%, which makes its progress relevant to the expansion of robotic surgery in urology.
At the close of 02 Nov 2026, PROCEPT BioRobotics, Inc. (PRCT) stock was 19.44 USD (+1.25% on the day), with market capitalisation 1.1 bn USD, beta 0.95, 52-week range 16.69–36.10 USD. Latest reported quarter (Q2 2026): revenue of 94.5 m USD (+19.3% YoY), net income of -26.9 m USD, diluted EPS -0.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.3
- neutral
- Bollinger (20, 2)
- 17.00 – 20.77
- in the upper half of the band · %B 0.65 · band width 20.0%
- SMA 50 / 200
- 19.36 / 23.27
- mixed trend
- MACD (12, 26, 9)
- 0.26 / 0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.3% | −2.3% | +15.6 pp | — |
| 3 months | +5.8% | −0.8% | +6.5 pp | — |
| 6 months | −21.7% | +4.7% | −26.4 pp | — |
| Year to date | −38.2% | +10.2% | −48.4 pp | — |
| 1 year | −42.9% | +10.3% | −53.1 pp | −11.0% |
| 3 years | −42.7% | +73.0% | −115.7 pp | −12.8% |
| 5 years | −56.8% | +61.8% | −118.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58.4 m | 68.2 m | 69.2 m | 79.2 m | 83.3 m | 76.4 m | 83.1 m | 94.5 m |
| Cost of revenue | 21.5 m | 24.6 m | 25.0 m | 27.4 m | 29.3 m | 30.1 m | 29.2 m | 32.1 m |
| Gross profit | 36.9 m | 43.7 m | 44.2 m | 51.7 m | 54.0 m | 46.3 m | 53.9 m | 62.4 m |
| Research & development | 16.6 m | 15.1 m | 16.4 m | 17.6 m | 18.2 m | 19.1 m | 21.5 m | 20.1 m |
| SG&A | 42.7 m | 48.3 m | 55.2 m | 56.3 m | 59.0 m | 58.3 m | 65.1 m | 69.7 m |
| Operating income | -22.4 m | -19.7 m | -27.4 m | -22.2 m | -23.2 m | -31.0 m | -32.6 m | -27.4 m |
| Depreciation & amortisation | 1.3 m ≈ | 1.5 m | 1.5 m | 1.6 m ≈ | 1.6 m ≈ | 1.7 m | 1.7 m | 2.0 m ≈ |
| Interest expense | 1.1 m | 969.0 k | 877.0 k | 895.0 k | 919.0 k | 894.0 k | 818.0 k | 842.0 k |
| Pre-tax income | — | — | -24.8 m | -19.4 m | — | — | -31.7 m | -26.8 m |
| Income tax | — | — | -47.0 k | 136.0 k | — | — | -43.0 k | 94.0 k |
| Net income | -21.0 m | -18.9 m | -24.7 m | -19.6 m | -21.4 m | -29.8 m | -31.6 m | -26.9 m |
| Diluted EPS | -0.40 | -0.35 ≈ | -0.45 | -0.35 | -0.38 | -0.53 ≈ | -0.56 | -0.47 |
| Operating cash flow | -18.8 m ≈ | -32.4 m | -17.0 m | -15.0 m ≈ | -6.6 m ≈ | -10.3 m | -38.1 m | -19.3 m ≈ |
| Capex | 246.0 k ≈ | 1.2 m | 1.8 m | 2.8 m ≈ | 2.9 m ≈ | 1.9 m | 2.9 m | 3.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 7.7 m | 34.5 m | 75.0 m | 136.2 m | 224.5 m | 308.1 m |
| Revenue YoY | unavailable | +346.7% | +117.6% | +81.6% | +64.8% | +37.2% |
| Net income | -53.0 m | -59.9 m | -87.2 m | -105.9 m | -91.4 m | -95.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -14.47 | -3.63 | -1.96 | -2.24 | -1.75 | -1.72 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -687.0% | -173.6% | -116.2% | -77.8% | -40.7% | -31.0% |
| Free cash flow | -48.6 m | -57.9 m | -83.0 m | -133.2 m | -103.6 m | -58.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 286.5 m USD
- Financial debt
- 51.6 m USD
- Net debt
- -234.9 m USD
- Equity
- 365.9 m USD
- Total assets
- 508.1 m USD
- Debt / equity
- 0.14x
- Current ratio
- 6.85x
- ROE
- -24.9%
- ROA
- -18.3%
- FCF margin
- -18.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.7 m | 34.5 m | 75.0 m | 136.2 m | 224.5 m | 308.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 9.0 m | 18.6 m | 37.9 m | 65.1 m | 87.4 m | 111.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | -1.3 m | 15.9 m | 37.1 m | 71.0 m | 137.1 m | 196.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 16.3 m | 19.0 m | 29.0 m | 48.4 m | 62.3 m | 71.3 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 30.3 m | 51.0 m | 88.8 m | 131.8 m | 171.4 m | 228.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -47.8 m | -54.2 m | -80.7 m | -109.2 m | -96.6 m | -103.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.9 m | 3.3 m | 2.8 m | 3.8 m | 5.2 m | 6.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -44.9 m ≈ | -50.8 m ≈ | -77.9 m ≈ | -105.4 m ≈ | -91.4 m ≈ | -97.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 5.3 m | 5.8 m | 5.2 m | 4.0 m | 4.2 m | 3.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | — | — | — | -105.8 m | -91.0 m | -95.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 80.0 k | 368.0 k | 190.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -53.0 m | -59.9 m | -87.2 m | -105.9 m | -91.4 m | -95.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -14.47 | -3.63 | -1.96 | -2.24 | -1.75 | -1.72 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 3.7 m | 16.5 m | 44.4 m | 47.3 m | 52.1 m | 55.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.1 m | 304.3 m | 221.9 m | 257.2 m | 333.7 m | 286.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 1.5 m | 4.5 m | 15.3 m | 48.4 m | 83.5 m | 83.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 6.9 m | 13.1 m | 28.5 m | 39.8 m | 56.2 m | 70.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 110.3 m | 326.2 m | 272.6 m | 350.6 m | 481.8 m | 450.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 8.3 m | 5.0 m | 8.7 m | 28.7 m | 26.7 m | 30.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 126.0 m | 337.0 m | 309.3 m | 404.7 m | 534.0 m | 508.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.2 m | 2.0 m | 9.4 m | 13.5 m | 10.0 m | 17.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 4.6 m | 0 | — | — | — | — | SEC (XBRL)· 22 Mar 2022verified |
| Long-term debt | 44.4 m | 50.0 m | 51.2 m | 51.3 m | 51.5 m | 51.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 14.5 m | 16.2 m | 35.3 m | 45.9 m | 53.1 m | 65.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 65.0 m | 69.9 m | 112.3 m | 124.0 m | 131.8 m | 142.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -182.9 m † | 267.1 m † | 197.1 m † | 280.8 m † | 402.2 m † | 365.9 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -48.3 m | -57.3 m | -80.4 m | -108.0 m | -99.2 m | -49.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 233.0 k | 592.0 k | 2.7 m | 25.2 m | 4.4 m | 9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -48.6 m ≈ | -57.9 m ≈ | -83.0 m ≈ | -133.2 m ≈ | -103.6 m ≈ | -58.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -233.0 k | -592.0 k | -2.7 m | -25.2 m | -4.4 m | -9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 106.8 m | 262.1 m | 3.6 m | 167.8 m | 180.1 m | 11.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -64.3% | 19 (vs peers) | 24% |
| Net margin · Quality | -32.5% | 44 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 60.1% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -32.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 6.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PROCEPT BioRobotics Corporation (PRCT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 308.1 m USD in 2025; YoY growth 37.2%; net margin -32.5%; ROE -30.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 60.1%
- Current ratio: 6.5x
What contradicts it
- ROIC: -64.3%
- Interest coverage: -32.9x
- FCF yield: -7.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 116.8 bn | 32.7 | 16.0% | 13.8% | +11.2% | −17% / +4% |
| MMM3m Company | 92.2 bn | 26.6 | 80.8% | 14.0% | +1.5% | +4% / +115% |
| BSXBoston Scientific Corporation | 64.2 bn | 18.8 | 14.3% | 16.6% | +19.9% | −56% / −21% |
| BDXBecton, Dickinson And Company | 54.1 bn | 60.0 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 32.8 bn | 21.2 | 26.4% | 27.8% | +9.9% | −9% / +48% |
| DXCMDexcom, Inc. | 31.6 bn | 33.4 | 37.7% | 19.4% | +15.6% | +34% / −27% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.8 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| PENPenumbra, Inc | 12.7 bn | 80.9 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| HTFLHeartflow, Inc. | 4.7 bn | — | — | -55.8% | +39.9% | +69% / unavailable |
| ICUIIcu Medical Inc | 4.1 bn | 135.6 | 1.4% | 1.4% | −6.3% | +9% / +85% |
| PLSEPulse Biosciences, Inc. | 3.8 bn | — | -78.5% | -6,755.8% | unavailable | +286% / +486% |
| SKINSkinHealth Systems Inc. | 1.4 bn | — | -43.9% | -9.8% | −10.0% | +601% / +305% |
| PRCTPROCEPT BioRobotics Corporation | 1.1 bn | — | -30.2% | -32.5% | +37.2% | −43% / −43% |
| IARTIntegra Lifesciences Holdings Corp | 1.1 bn | 81.1 | 1.2% | 0.8% | +1.5% | +4% / −65% |
| BBNXBeta Bionics, Inc. | 864.4 m | — | -23.9% | -65.3% | +53.9% | −49% / unavailable |
| TCMDTactile Systems Technology, Inc. | 512.3 m | 22.3 | 11.0% | 6.7% | +12.5% | −11% / +72% |
| SGHTSight Sciences, Inc. | 504.1 m | — | -48.4% | -35.7% | −3.1% | +9% / +168% |
| DCTHDelcath Systems, Inc. | 495.8 m | 1,152.7 | 0.5% | 0.6% | +129.1% | +47% / +420% |
| CARLCarlsmed, Inc. | 410.1 m | — | -6,196.9% | -57.4% | +85.9% | −8% / unavailable |
| TMCITreace Medical Concepts, Inc. | 277.7 m | — | -72.0% | -29.0% | +1.6% | +43% / −51% |
| CTSOCytosorbents Corporation | 258.9 m | — | -336.2% | -48.9% | +4.1% | −75% / −83% |
| PROFProfound Medical Corp. | 245.9 m | — | -73.5% | -171.6% | +50.7% | +2% / −38% |
| UTMDUtah Medical Products, Inc. | 224.6 m | 21.5 | 8.8% | 29.0% | −5.8% | +25% / −16% |
| TLSITriSalus Life Sciences, Inc. | 223.5 m | — | — | -62.6% | +53.4% | −47% / −9% |
| PDEXPro-Dex, Inc. | 184.5 m | 15.9 | 26.5% | 15.1% | +16.5% | +58% / +257% |
1- and 3-year price returns: for PRCT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PROCEPT BioRobotics develops and sells robotic surgical systems for benign prostatic hyperplasia using its Aquablation technology, with the United States as its core market. The company reported revenue of 308.1 million USD in 2025, and in the second quarter of 2026 revenue rose 19%, which makes its progress relevant to the expansion of robotic surgery in urology 123.
SWOT
Strengths
- The company has a clinical evidence base, including the WATER pivotal study, which is the only FDA pivotal study randomized against TURP 1.
- Revenue growth and gross margin in 2026 show the commercial model is beginning to produce positive effects 3.
- Payor coverage is broad, and several professional guidelines include Aquablation therapy 1.
Weaknesses
Opportunities
- Penetrating hospitals that perform resective BPH surgery and reaching primary care physicians could widen the user base 1.
- International markets remain underpenetrated and could become an additional growth source 1.
- Prostate cancer studies could extend the use of the technology if results are favorable 3.
Risks
- Persistent operating losseshigh
The company expects to keep incurring operating losses and cannot assure that it will become or stay profitable 1.
- Dependence on a single producthigh
Almost all revenue comes from the robotic systems and their handpieces, so technical or regulatory problems would have a major effect 1.
- Need for additional fundingmedium
If cash flows do not develop as planned, the company could need additional capital on less favorable terms 1.
- Restrictions under the credit agreementmedium
Covenants and debt restrictions could limit the company's ability to respond to changes in its business 1.
- Quarterly results volatilitylow
Results can fluctuate significantly from quarter to quarter, which makes performance difficult to anticipate 1.
Investment thesis
What would need to be true (bull case)
- If adoption of the HYDROS systems continues, revenue could keep pace with the 2026 guidance, supported by rising procedure volumes 3.
- Broader payor coverage and professional guideline recommendations could accelerate hospital adoption 13.
- A high gross margin and rising consumable pricing could gradually reduce losses 3.
What would break the thesis
What to watch
- Delivery against the 390 to 410 million USD revenue guidance for 20262026
- Trend in U.S. procedure volume and new system placementsQ3 2026
- Results of the WATER IV prostate cancer study2027
- Evolution of the adjusted EBITDA loss and funding needsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PROCEPT BioRobotics is a surgical robotics company focused on urology that develops, manufactures and sells the AquaBeam and HYDROS robotic systems used in minimally invasive prostate surgery 1. The systems use a single-use handpiece and the Aquablation therapy, which combines real-time imaging, personalized treatment planning and heat-free waterjet ablation 1. As of December 31, 2025, the company had 912 systems installed globally, including 718 in the United States 1.
Revenue comes mainly from sales and rentals of robotic systems and from the single-use handpieces used in each procedure 1. In the United States the company sells mainly to hospitals, and coverage from payors, including Medicare, has been expanded, which has supported adoption 1. Its direct sales team targets approximately 2,700 hospitals that perform resective BPH procedures in the United States 1.
Segments
Robotic systems and single-use handpieces
The AquaBeam and HYDROS robotic systems, together with the single-use handpieces used in each procedure, form the basis of the company's revenue 13. In the second quarter of 2026, U.S. system revenue rose 32% year over year, while U.S. handpiece and consumable revenue rose 12% 3.
Market context
The company estimates that approximately 40 million men in the United States are affected by BPH, and its addressable market in the United States is roughly 30 billion USD, according to its own estimates 1. The market is currently dominated by drug therapy and traditional surgery, and robotic surgery penetration remains low, which could support growth if adoption continues 1.
Growth depends on payor coverage and on adoption by urologists, and the company estimates access to therapy is possible for roughly 95% of men in the United States 1. Professional guidelines in several countries already include Aquablation, which could accelerate adoption 1.
Trends
- Expanding payor coveragetailwind
Medicare and many private payor coverage decisions could support hospital adoption of the systems if the expansion continues 1.
- Growing older male populationtailwind
The number of men over 65 in the United States is expected to double by 2060, which could enlarge the BPH patient base 1.
- Pressure on healthcare costsheadwind
Downward pressure on prices and healthcare costs could slow hospital purchases of systems 1.
- Stronger clinical guideline recommendationmixed
The strengthened recommendation for Aquablation in the updated AUA guidelines could support adoption, although the effect on sales remains uncertain 3.
Competitive position
The main alternative remains transurethral resection of the prostate, the historical standard of care, along with other resective and non-resective procedures 1. The company argues that Aquablation offers lower rates of irreversible complications and performance independent of prostate size 1.
The company notes that the future competitive landscape is hard to predict, including possible consolidation among competitors or new technologies that could emerge 1. The risk that new treatments could limit the growth of its systems is explicitly flagged in its filings 1.
- Transurethral resection of the prostate (TURP)
The historical standard of surgical treatment for BPH, directly compared with Aquablation in the WATER study 1.
- Photoselective vaporization of the prostate (PVP)
A resective procedure mentioned in the company's filings as a surgical alternative 1.
- Drug therapies for BPH
Drug treatments are typically the first line of therapy, though low compliance limits their effectiveness 1.
- Other urologic robotic technology providers
The company refers to the possibility of new competing technologies without naming them in its filings 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Current report06 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PROCEPT BioRobotics, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PROCEPT BioRobotics, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PROCEPT BioRobotics, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.